Hello all great news i was accepted

[michael]

Hi i have my creditors meeting on the 16th, i own about 95000 and my offer is 450, with eleven creditors i have no assets except 37.5% stake 25% sheard ownwership the rest between my partner and myself in our ,my question is what do you think they are looking for money wise,does my proposal stand a chance and if it fails what do i do next, i have already recived letters from bailliffs giving me 28 day to bay or else, can you help

[faith]

would you be able to mention the company you are using

[aguise]

Hi Del welcome
And also who your creditors are as some have higher expectations than others.

Ang

[tracy.h]

Hi del its hard to advise without knowing a bit more history.could you tell us who your creditors are and how much you are offering in the £,if your creditors meeting is on the 16th then your ip would have put your best proposal forward its as much in there interest as yours to get this excepted but im sure one of our technical experts will confirm this for you,the company you are useing have they not informed your creditors that you have proposed an iva and you have a date set for your creditors meeting,creditors will ring and threaten allsorts but there is nothing they can actually do unless they have threatened court action and its been ignored but i would have thought your ip would have dealt with this.try notto worry i know its easier said but the 16th isnt far away.

Tracy

[tracy.h]

sorry ang posted at the same time it just took me longer x

[MelanieGiles]

We cannot advise on such scant information, and at the end of the day your own IP is the expert in your particular case. I am sure that they would not have presented the proposals if they did not feel there was a realistic chance of acceptance.

Good luck on the day and let us know how you get on.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi Del
On a debt of 95k and payments of £450 per month you will be paying in a total of 27k,less your IP fees.So you must be offering the minimum dividend of 25p[if I have read your post correctly],or are you repaying a total of 45k?
As already posted your IP would have put forward the best possible proposal so you may as well try and relax.
If the IVA is not agreed then you have the option of a debt management plan or bankruptcy.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[michael]

Hi thanks for your reply, Andy your right it's 25% in the £ , Faith i'am useing Pay Plan.
Aguise my creditors are
american express 4986.00
american express 2796.00
nat west mastercard 9800.00
barclaycard 10.125.00
egg 9700.00
halifax 13.212.00
mbna 13.364.00
ge money 2900.00
aa.visa 9900.00
mint 9800.00
nat wesy overdraft 5000.00
its just got the better of me over the years , would it be better to go into bankruptcy would that be better for my famerly

[aguise]

Hi again Michael
Its got the better of a lot of us .
Glad to see the dreaded northern rock and hsbc arent there. As for what to do ,if your proposal is good and your payments are managable, remember it is for 60 months,have you covered everything with your income and expenditure, then wait to see the outcome of your meeting. Bankrupcy is always an option if it doesnt go through or affect your job. I dont know what the effect on the shared ownership would be in bankrupcy I am sure someone with more knowledge can help there.
Have you passed the bailiffs letters to your Ip they can deal with that?
Hope this helps

Ang

[michael]

Aguise thanks i know this has been said before but i can't sleep, eat, my five children are getting on my nerves wanting this and that my partner looks so unhappy,most of my dept i had before we even meet to be honest it looks as if my whole family is falling apart i.am lost

[Adam Davies]

Michael
If you feel that the £450 per month is a realistically affordable figure then an IVA can be the answer to your problems.You are propsing a return to your creditors that will be more than in bankruptcy.
We all feel like you do just before the meeting and it is very common for doubts to set in.
Keep your fingers crossed for the 16th and if it is not accepted then we can advise further.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[freelili]

when you say you have baliff letters do you mean it has already gone to court??? Only a county court baliff can come to remove items. A lot of creditors word their letters to scare you into thinking that they have these powers, they dont.

I know its hard but there will be a way forward, I hope that your IVA is succesfull but if not there is always another way. Its so easy to say relax but not easy to do. I know. Just hang in there for now.

Good luck

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[DebtDummy]

del, as Lily stated make sure it's not a scare tactic used by the debt collectors. There is a form available from your local county courthouse and the High Court to prevent bailliffs from appearing on your doorstep. I believe it's called the N245. Professionals is this the correct form? My brain can't seem to remember while I am typing this.
Take care

All I have left is my humour.

[aguise]

Michael be strong there will be a solution, I think the waiting is the worst time as you feel in limbo but take a deep breathe and keep going. If the meeting doesnt go your way there will still be an answer.
Family is more important than anything so try not to let it affect them. Keep posting even if its just because you feel like a moan. We all understand the pressure and we are here to give support as much as for the technical stuff. Hang in there not too long to go.

Ang

[Skippy]

Michael, I'm so sorry to hear that things are so bad for you. As the others have said there will be a solution for you, and you will get through this. The most important things here are your health and your family - they love you and will support you through this. Good luck, and stay strong for a while longer.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/